India Post has announced the launch of online services for the National Pension Scheme (NPS), a voluntary retirement saving scheme that aims to ensure everyone’s financial stability after retirement. Now all eligible citizens can open an NPS account online without physically visiting any post office. The online service has been made available from April 26, 2022.
According to India Post official twitter account: “India Post is happy to announce National Pension Scheme (NPS) online services, a voluntary retirement saving scheme to secure a long and happy life for all. For more information.”
India Post is happy to announce National Pension Scheme (NPS) online services, a voluntary retirement saving scheme… https://t.co/ygWWbHlKwT
— India Post (@IndiaPostOffice) 1651162339000
भारतीय डाक को राष्ट्रीय पेंशन योजना (एनपीएस) ऑनलाइन सेवाओं की घोषणा करते हुए खुशी हो रही है, जो सभी के लिए एक लंबा… https://t.co/v4mq1IfEoq
— India Post (@IndiaPostOffice) 1651162338000
PFRDA is the main agency in charge of NPS implementation and monitoring.
NPS online services
Customers can take advantage of services such as new registration, initial/follow-up contributions, and SIP choices through NPS Online for a low fee. The Department’s NPS service charge is one of the lowest.
National Pension System
The National Pension System (NPS) is a voluntary retirement savings plan that allows subscribers to make pre-determined contributions to planned savings.
NPS subscribers can use the accumulated pension wealth under the scheme to acquire a life annuity from a PFRDA-approved life insurance business, as well as withdraw a portion of the accumulated pension wealth as a lump-sum if they wish, at the time of their exit.
To open NPS account in Post Office, these are the requirement to open through “myNPS”:
A valid Mobile number and Email ID
- There are two modes of registration as mentioned below:
a. Aadhaar Paperless Offline eKYC based registration
b. Permanent Account Number (PAN) based registration
- Active Bank account with Net Banking facility with one of the Banks linked with Payment Gateway Service Provider (click here for List of Banks)
- Scanned copy of photograph (Option for Aadhaar based registration) and signature in *.jpeg/*.jpg/*.png format having file size between 4KB – 5MB each
- Scanned copy of PAN card and Cancelled Cheque in *.jpeg/*.jpg/*.png format having file size between 4KB – 2MB each
- Online payment of initial contribution (Minimum amount ? 500) through Internet Banking
- Subscriber can complete registration through OTP Authentication or eSign the registration form
- In case you are unable to do OTP/eSign authentication, please print the form, paste your photograph (please do not sign across the photograph) & affix signature and send to NSDL. Please note the form should be attested by nodal office
- In case of Corporate Subscriber registration, Online payment of initial contribution is not required.
How to register for NPS using Aadhaar Paperless Offline e-KYC
Before you start the process, make sure that your mobile number is registered against your Aadhaar. According to NSDL website, below are the steps to register for NPS in India Post.
Step 1: Download the Aadhaar Paperless Offline e-KYC ZIP file and generate a Share Code on the UIDAI website.
Step 2: To generate a PRAN, upload the Aadhaar Paperless Offline e-KYC ZIP file to the NSDL website..
Step 3: Enter your mobile number, last digit Aadhaar number and enter the four-character share code generated
Step 4: Demographic information such as name, gender, date of birth, mobile number, address, and photo will be retrieved from the UIDAI database, and other required information must be entered online along with captcha code.
Step 5: Upload scanned copy of PAN card and cancelled Cheque in *.jpeg/*.jpg/*.png format having file size between 4KB – 2MB.
Step 6: Upload your signature in *.jpeg/*.jpg/*.png format with a file size of 4KB to 5MB.
Step 7: You will be directed to a payment gateway to make a payment through Internet Banking to your NPS account.
Step 8: The subscriber can select OTP Authentication or eSign the registration form to CRA.
You do not need to send a physical copy of a form to POP once it has been eSigned or validated. The eSign service fee, plus all relevant taxes, is Rs. 5.90.
Step 9: Contributions are credited in PRANs on T+2 basis (subject to receipt of clear funds from Payment Gateway Service Provider).
In case of Corporate Subscriber registration, payment of initial contribution is not required.
Registration using PAN (KYC verification by POP)
A ‘Permanent Account Number’ is required (PAN). An existing active account (Account number/Folio number/Demat) with the empanelled POP for KYC verification following subscriber registration via myNPS. Your KYC will be verified by the POP during the registration process. For KYC verification, the name and address supplied upon registration must match with POP records.
If the details do not match, the request will be rejected. If the selected POP rejects the applicant’s KYC, the applicant is asked to contact the POP.
Subsequent contribution procedure
All subscribers (both online and offline) can use “MyNPS” to contribute to their Tier I and Tier II accounts.
- To contribute online, you must first create an account
- Have a Tier I / Tier II account that is active.
- Authenticate your PRAN with the one-time password (OTP) issued to your registered mobile number or email address.
- Pay using your Internet Banking account.
- POP service charges of 0.25 percent will be applied to the contribution amount (with a minimum of Rs. 20 and a maximum of Rs. 25,000 per transaction).
- Contributions made through MyNPS are credited in PRANs on a T+2 basis (subject to payment gateway service provider receiving clear funds).